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Daily Gold Bullion Update

September 28, 2009 - Gold bullion prices rose at the start of morning trading after four days of flat trading, which is attributied to the Dollar's backtracking status. US currency posted slight gains last week, but those gains were erased by Friday's Group of 20(G20) Summit. In the last session, China and at least two European nations chastised the United States for its printing and spending practices in the middle of the worst financial disaster since the Great Depression. In past economic cycles, gold bullion prices have risen when our US currency has fallen flat, and many economists believe that the same trend is repeating itself today.

During The Great Depression, many markets and investors suffered, or worse. Gold and other commodities began to rise, however, as individuals purchased only the things that they needed. In 1933, President Roosevelt confiscated gold bullion from American citizens, but other commodities kept climbing until the economy leveled out in the 1940s. In the 1970s, another economic crisis presented itself. Double-digit inflation ate away at Americans' spending power, and commodities again took off. Gold went to a record high of $850 an ounce. "The key to gold is the Dollar," according to Marty McNeill, senior trader at RF Lafferty, Inc. If China, Germany, France, and other nations stray from US Dollar holdings, it could further weaken a currency that is already on the brink of collapse. China has announced that they intend to hold a "handbasket of currencies," which means that US bonds would be liquidated in favor of bonds from other countries. Other G20 nations with large US debt holdings are expected to follow suit if China carries through on this threat. All of these factors could play a part in the gold bullion price, as investors keep a close eye on the Dollar's fluctuating value.

Gold bullion is bought and sold based on the live Commodities Exchange(COMEX) spot price, found at www.GoldPrice.net. The current price at 2pm EST is $996.10, which comes out to a 0.58% gain for gold so far today. Gold has registered a 4.2% increase in the last 30 days, and the metal has increased $114 per ounce in the last year. 

Daily Updates Archive

Jonathan Monroe

Senior Staff Writer - Gold-Bullion.org

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